Raleigh Mortgage Info – Kevin Martini - Last Week...This Week (For the week of July 30, 2007)

By
Mortgage and Lending with DNJ / Gateway Mortgage

Last Week...

Although the heat is on weather-wise in the Triangle, our recently overheated Stock market suddenly took an icy plunge lower this past week. Just as quickly as the Dow had cracked the record level of 14,000, Stocks reversed course and lost 586 points for the week overall. The big cool down was triggered by a few different factors, including several weak Stock earnings reports and continuing concerns about the backlash from the subprime mortgage situation and tightening mortgage credit. And when the mood in the Stock market went sour, it happened fast - Traders and investors unloaded Stocks hand over fist.

But when they sell off Stocks, that money has to get parked somewhere, right? The glad beneficiary of the selling was the Bond market. As money flowed out of Stocks and into Bonds, the Bond market overall enjoyed a move higher with the influx of money, helping home loan rates stabilize and even improve very slightly in Raleigh and Cary, NC.

This Week...

It is my opinion the heat is on - and will stay on for the week ahead! The volatile Stock earnings season continues, and as if that weren't enough, the economic calendar also holds several big potential market movers.

Lots of economic reports are due for delivery this week, including Tuesday's look at the Fed's favorite measure of inflation, the Personal Consumption Expenditure index, and wrapping up with a bang on Friday with the monthly Jobs Report. If the week's inflation numbers meet or are lower than expectations while the data for the economy is worse than expected, Bond prices should continue their recent upward trend and home loan rates will improve. However, if the reports reek of inflation or an overheated economy, Bond prices could quickly lose their recent gains, and home loan rates will worsen.

Martini

www.FreeRaleighMortgageInfo.com

Comments (1)

George Booth
WAS Group, LLC - Westlake, OH

Kevin,

 I have friends in the business down in Charlotte. you guys are facing a serious uphill battle in your neck of the woods. http://www.ncga.state.nc.us/homePage.pl  HB 1817 to be exact.

I think the ethical, successful loan officers across the nation have nothing to fear. People are quick to forget the 20% interest rate with 20% down from only 30 years ago. People were buying then, and people are gonna buy when the rate goes to 10%, if it ever does. The market will produce whatever it's willing to bear.

I think this forum is a great place to meet others in your neck of the woods and get a good foundation for a FTHB seminar. When I was doing residential mortgages I did this little event which brought me tons of business and I would like to share it with you and other active rainers.

 

Community Volunteerism.

Contact your local Senior advocate center.

Find a senior that owns a home that needs some repair work.

DO NOT DECIDE ON THE HOME YOURSELF! Let someone else decide in case you get sued by the other needy seniors, just trust me on this, my attorney was dead on the money when he advised this to me.

Once you have the target home, see what repairs you need. ie. Garage Door, Paint, New roof, landscaping, etc etc.

Then, go out and find those businesses in your area that have a good reputation, not ones that need to improve theirs. Remember you will be associated with them. Get those companies to donate supplies for the cause. It's a great write off for them. They generally give you items they have in overstock or mis-ordered.

Sherwin Williams is great for this, they donated a ton of paint. Get a local restaurant involved to donate some munchies and provide workers. Talk to your local volunteer groups and your office mates. Get the labor you need to finish in one Saturday afternoon.

Have the senior advocate approach the home owner and get permission to help them free of charge. Find a printer to create a banner with all the people donating supplies. Do not accept cash for anything, it only leads to problems and headaches. Get your banner in the Senior's yard and put out a press release to every paper and news station in your area.

Bingo, community hero and free advertising. It takes a total of 20 hours to put it all together, make it a once a year event.

 

Jul 30, 2007 01:16 AM